Head in the Cloud? It should be!

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The Cloud – comprising a multitude of flexible online resources accessible via any device with an internet connection – has transformed accounting for businesses. But why and how do cloud-based solutions differ from traditional accounting software?

Barrister accounts FAQs: What is cash basis accounting?

Put simply, cash basis accounting is a straightforward way of working out the tax you pay through self assessment based on income and expenses received. 

It means that you pay tax on what you have actually received, excluding debtors invoiced and work in progress.

By using the cash basis you will not need to calculate your debtors and creditors at the year-end, nor estimate accruals and prepayments. Barristers have a concession to use the cash basis for their first 7 years.

The Apprenticeship Levy…six months on

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Nobody, especially small business owners operating on tight margins, enjoys having to pay additional taxes. However, we sometimes have to bite the bullet for the greater good. Using tax to fund essentials such as workplace training makes sound economic sense in the long run. 

Six months have passed since the government introduced its new Apprenticeship Levy, so how well are small businesses coping with the new rules?

Investing in commercial property with a SSAS/SIPP pension

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Small Self-Administered Scheme Pensions (SSAS) and Self Invested Personal Pensions (SIPP) are two types of personal pension schemes. They are pensions that are controlled by you, and thus you make the investment decisions.

SSAS and SIPP pensions can be used for investing into commercial property or other business ventures that you are not directly involved in. 

A quick reminder: Reporting expenses and benefits

 

Reporting benefits and expenses provided to employees

HMRC has recently updated its toolkit dealing with the reporting of expenses and benefits provided to employees and directors in the light of significant recent changes in this area.

HMRC toolkits are designed to help minimise the risk of errors in returns and computations and their use, although voluntary, will be taken into consideration in determining whether or not reasonable care has been taken in the completion of a return such as a form P11d reporting expenses and benefits.

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Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

Contact Info:
Tel: 0115 964 8888
Fax: 0115 964 8889
Email: enquiries@rwbca.co.uk

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